U.S. Markets open in 7 hrs 58 mins

CareTrust REIT: 1Q Earnings Snapshot

SAN CLEMENTE, Calif. (AP) _ CareTrust REIT Inc. (CTRE) on Tuesday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.

The real estate investment trust, based in San Clemente, California, said it had funds from operations of $27.9 million, or 32 cents per share, in the period.

The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 32 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $16.1 million, or 18 cents per share.

The health care real estate investment trust posted revenue of $39.7 million in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $41.1 million.

CareTrust REIT expects full-year funds from operations in the range of $1.35 to $1.37 per share.

The company's shares have increased 30% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $24.03, a climb of 71% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CTRE at https://www.zacks.com/ap/CTRE